The global wind turbine tower market size was estimated at USD 27.78 billion in 2023 and is projected to grow at a CAGR of 8.1% from 2024 to 2030. The global market is primarily driven by the increasing demand for clean, renewable energy sources as countries worldwide aim to reduce their carbon footprint and combat climate change. Governments are implementing supportive policies, such as tax incentives and renewable energy targets, to encourage the adoption of wind power.

For example, the European Union has set a target to derive 32% of its energy from renewable sources by 2030. China aims to be carbon neutral by 2060, driving significant investments in wind energy infrastructure.

Technological advancements in wind turbine design and manufacturing have also significantly propelled the market growth. Innovations such as taller towers and larger rotor diameters enhance the efficiency and energy output of wind turbines. Taller towers can access stronger and more consistent wind currents at higher altitudes, which translates to increased energy generation. For example, the latest generation of wind turbines can have towers exceeding 100 meters in height, enabling them to harness more wind power. These advancements not only improve the overall performance of wind turbines but also make wind energy more competitive with traditional energy sources, further driving market growth.

Government policies and incentives are another critical factors driving the global market growth. Many governments worldwide are implementing supportive policies, including subsidies, tax incentives, and feed-in tariffs, to encourage the adoption of wind energy. The U.S., for instance, offers the Production Tax Credit (PTC) and the Investment Tax Credit (ITC), which have been instrumental in promoting wind power projects. Similarly, the Chinese government provides substantial subsidies and favorable policies to support the wind energy sector, making it one of the largest markets for wind turbine towers globally. These policy measures create a favorable investment environment, attracting both domestic and international players to the wind energy market.

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Key Wind Turbine Tower Company Insights

The market for wind turbine tower market is marked by intense competition and rapid technological advancements. Major players are striving to gain market share through strategies such as product innovation, cost reduction, and geographical expansion. These players are concentrating on developing taller towers to harness stronger winds at higher altitudes while also addressing environmental impact and noise pollution concerns. Regional markets exhibit significant variation, with Europe and Asia-Pacific emerging as major growth areas.

• In February 2024, US Forged Rings Inc., a Delaware-based company, planned to invest USD 700.0 million in two new facilities on the US East Coast to produce 100% American-made offshore wind turbine towers, with operations expected to begin in 2026. The project includes a tower fabrication facility capable of producing 100 towers annually, expandable to 200, and a steel forging plant that will be the largest of its kind in North America and Europe, producing large flanges for turbine towers. This initiative aims to reduce carbon footprints by using 77% recycled materials and address supply chain bottlenecks as the U.S. targets 30 GW of offshore wind capacity by 2030 and 110 GW by 2050. The company emphasizes the importance of a local supply chain to support the growing offshore wind market.

• In March 2023, Arcosa, Inc., a Dallas-based manufacturer of infrastructure-related products, announced that its subsidiary Arcosa Wind Towers, Inc. planned to open a wind-tower production facility in Belen, New Mexico. The company chose New Mexico due to its supportive partnerships and competitive incentives. It plans to invest USD 55 to 60 Billion to purchase the property, modify the existing plant, and procure equipment. The state agreed to contribute USD 4.0 Billion from its Local Economic Development Act (LEDA) job-creation fund to assist with the expansion.

• In April 2023, Siemens Gamesa Renewable Energy, S.A.U. introduced green steel turbine towers, marking a significant advancement in sustainable wind energy technology. These towers are produced using low-emission steel, which aims to reduce the carbon footprint associated with wind turbine manufacturing. This initiative aligns with the growing demand for environmentally friendly energy solutions and reflects the company's commitment to enhancing the sustainability of renewable energy infrastructure. The move is part of a broader trend in the industry to innovate and adopt greener practices in energy production.

Key Wind Turbine Tower Companies:

The following are the leading companies in the wind turbine tower market. These companies collectively hold the largest market share and dictate industry trends.

• Siemens Gamesa Renewable Energy, S.A.U.

• Arcosa Wind Towers, Inc.

• US Forged Rings Inc.

• CS Wind

• Marmen

• Modvion

• CNBM

• GRI Renewable Industries

• Vestas

• Pemamek

• PVUNITE Ltd.

• SENLISWELD

• Rohn Products, LLC

• Ventower Industries

• Global Energy (Group) Limited

Global Wind Turbine Tower Market Report Segmentation

Grand View Research has segmented the wind turbine tower market report on the basis of installation, type, and region:

Installation Outlook (Revenue, USD Billion, 2018 - 2030)

• Offshore

• Onshore

Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Steel Tower

• Concrete Tower

Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o Germany

o UK

o France

o Italy

o Spain

• Asia Pacific

o China

o India

o Japan

o South Korea

o Australia

• Central & South America

o Brazil

• Middle East & Africa

o UAE

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